According to a recent report published by Allied Market
Research, titled,"Global
Non-Destructive Equipment Market by Testing Method, Technique, and Industry
Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2025,"the
global NDT equipment market was valued at USD 2,379.2 million in 2017 and is
projected to reach USD 4,716.1 million by 2025, growing at a CAGR of 9.0% from
2018 to 2025.
NDT refers to the method of examining materials/components to
detect the defects/discontinuity in component or material to avoid equipment
failure. In addition, it is used to ensure safe utilization of engineering
structures, product quality, and performance upon production. Increase in
stringent government regulations across different geographical regions due to
rise in incidence of infrastructure failures, need for extending the life of
obsolete infrastructure, and maintenance optimization by various industries for
efficient operations & quality/safety assurance are the factors that drive
the growth of the NDT equipment market.
Among the industry verticals, energy & power was the
foremost industry in 2017, owing to growth in number of power plants and
equipment involved in the same. In the same year, the oil & gas industry
contributed a significant revenue share of over 20% in the overall market.
However, aerospace & defense is expected to witness the fastest growth
during the forecast period.
Asia-Pacific is expected to hold largest market share in 2017,
owing to increase in investment in oil & gas, aerospace & defense, and
energy & power infrastructure to ensure safety and efficiency of the
machines.
LAMEA region is expected to grow at the highest CAGR during the
forecast period. The factors that drive the growth of the NDT equipment market
in LAMEA are an increase in the number of construction projects and rise in
industrialization. From a growth perspective, the Middle East market is
expected to witness considerably higher growth rates during the forecast
period.
Key
Findings of theNon-Destructive Equipment Market:
In 2017, the ultrasonic testing sub-segment generated the
highest revenue in the global NDT equipment market.
In 2017, the energy & power segment generated the highest
revenue among the industry vertical in the global NDT equipment market.
The key players profiled in NDT equipment market report include
Olympus Corporation, Intertek Group PLC, SGS SA, Ashtead Technology Inc.,
General Electric, Sonatest Ltd., Zetec, Inc., Nikon Metrology Inc., Mistras
Group Inc., and Carestream Health. These key players have adopted strategies,
such as product portfolio expansion, mergers & acquisitions, agreements,
geographical expansion, and collaborations to enhance their market penetration.
For instance, In January 2019, Ashtead Technology entered into a partnership with
4Subsea to strengthen the groups capabilities. In this partnership, Ashtead
will further enhance its inspection, maintenance, and repair (IMR) services by
adding 4Subseas sensors to its portfolio and gaining access to 4Subseas domain
experts within subsea production. Futhermore, in May 2017, General Electric
opened its largest Customer Solutions Center (CSC) globally for its Inspection
Technologies (IT) business. This brings BHGEs most advanced NDT technologies
under one roof for the first time. This expansion invests USD 4 million and was
developed to better support customers for NDT needs.
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